The Best Ideas from Diggers & Dealers 2025

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Like I, I think we we can safely
say we are in a new paradigm.

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Yeah.
This is arguably the biggest

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thing that's happened in the
commodity space in many, many

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decades.
You know, gone back a long while

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to find something as sort of
game changing as this.

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God, I realised that just there.
Oh, Oh my goodness.

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That was that could have been a,
that could have been a disaster,

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mate.
Money miners, we forgot to press

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record the first time but we are
giving it another go mate.

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What are we talking about today?
Mate, Diggers and Dealers is in

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full swing, which we have been
watching kind of and we're going

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to play out the highlights from
the many, many presentations

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that are out there just so you
don't have to watch like you

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know, 20 hours of stuff.
It's good having the the strange

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sort of come through, being able
to see the ones what's, what's

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interesting, what's not and
stuff.

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I don't think that's new.
I just think what's new is that

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we're not hungover.
Complete change.

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We're also going to have a bit
of a chinwag about what the

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Aussie government has flagged
that they're going to do in the,

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the railroad space, the the
critical material space.

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So.
This is this is this is bonkers,

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mate.
So that the what the the

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government is now going to copy
the US and introduce a price

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floor for rare earth, which is
yeah, I just didn't think we'd

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be here.
But it's it's just kind of

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amazing how drastically and fast
this whole kind of yeah, piece

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of the puzzle is unfolding and
what's what it's doing to

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equities, what it means
geopolitically. 100% like I, I

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think we, we can safely say we
are in a new paradigm here.

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This is arguably the biggest
thing that's happened in the,

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the commodity space in many,
many decades.

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You know, we've gone back a long
while to find something as sort

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of game changing as this, not
just the price floor like

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companies getting equity stakes
taken in them from a government

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in the US.
You know, this isn't China or a

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similar type country that we're
we're talking about.

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So what, what has happened
lately is that the Aussie

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government has flagged that they
are strongly considering and

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they, they might come out with
something very sort of similar

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in scope to what the US has done
with regard to putting a price

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floor specifically for, for rare
earth projects.

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So they have given a few words
and we spoke about this at the

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the AF Rs Critical Minerals or
the mining summit, I think it

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was called.
And, you know, the focus is very

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much kind of supporting end
users with regard to defence and

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strategic tech and, and these
sorts of things.

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And Madeline King, the resource
minister, has said that she's

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spoken with industry
participants.

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So we're waiting for a big
announcement.

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And I think you can, you can
peel that back and have a few

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different takes as we sort of
stand here today.

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So one of them would be that the
Aussie government is just trying

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to butter up to the Trump
administration.

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We know they'd love to do a
deal, all these sorts of things.

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Maybe there's a bit of behind
the scenes aligning of interests

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with various governments around
the world.

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We know the US and the EU just
came out with a deal after

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Liberation Day a few months back
and all these sorts of things.

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But it's kind of bonkers.
And as you mentioned, it's it's

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been reflected in the the prices
of of Linus, of Aloka, of all

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these players.
The guys in Brazil, they're all

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up 3/4 fold.
It's it's nuts.

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Yeah, I I own shares in a speccy
one of them and like 6 months

65
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ago it was the worst stock in My
Portfolio down like 67% and now

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it's now it's the best stock in
My Portfolio which is crazy.

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Probably an indication I should
sell mate because.

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Probably is it It's bonkers and
it doesn't just stop there with

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regards to the government
getting involved in critical

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minerals because we also saw
overnight that the the essay and

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the Tasmanian government is
going to come in and they're

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going to award up to
$130,000,000 to near stars

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smelters at Port Perry and
Hobart.

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So they are owned by Trafigura
and Trafford obviously

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threatened that they're just
going to walk away because

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there's a massively loss making.
So it's a a short term Band-Aid

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type fit.
So there's a lot of jobs at

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stake here, hence the importance
of it.

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But it's interesting to dig in
and see some of the comments

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from the premier of SA.
So made the case that this is an

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investment in the future of the
plants and not a bailout, as

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well as sort of saying a few
months back that he'd argue that

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these uncompetitive assets that
near star own shouldn't be in

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fully private hands.
So again, kind of paradigm

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changing type stuff like we,
we've come from a world many,

86
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many decades ago where the
government owned a whole bunch

87
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of assets in a whole bunch of
different sectors.

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And the world has been on since
the the 70s and 80's, the trend

89
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to sell these out, privatize
these assets.

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And now it looks like we're in
the the brink of going in the

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opposite direction.
Man, it's heads eye win tails.

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You lose with with private
ownership of of substantial

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infrastructure assets these
days.

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It's I think, I think that's,
you know, personally kind of

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unhealthy for, for a number of
reasons, one not not least of

96
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which is a creates moral hazard.
And you've got to have symmetry

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of risks.
You take equity risks, you know,

98
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even if the market fundamentally
changes, I, you know, I'm a big

99
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believer private capital should
wear the pain of that.

100
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And I don't think it's like
nice.

101
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It's not even, it's not even
strategically like where's the,

102
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where's the strategic angle with
the, with the refinemental that

103
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comes out of that.
Don't, don't.

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That's not as clear cut as the
whole rare earth stuff that's

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been going on anyway.
Yeah, I mean it, it's a tough

106
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one because so much of our
manufacturing has has left the

107
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country and we don't have the
ambition to to pull all of that

108
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back in country like the US is
very clear about wanting to have

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manufacturing and a whole bunch
of different things.

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We'll see if that actually comes
to to fruition.

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But as it sort of stands, what
are we going to do with a whole

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bunch of these things?
Yeah, there are some industries,

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some some businesses around the
country that need the the

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products from some of these
things.

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But I think we need to take it
in the context of like why they

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are uncompetitive.
And there's two big reasons that

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come to mind, right.
So you've got the huge capacity

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build out of smelting and
refining around the world.

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You know, a lot of that
obviously in in China, but that

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has led to TCR CS just falling
through the floor.

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Zinc TCR CS sort of halved from
like 1160 down to 80 bucks.

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Copper's gone negative.
We've spoken about that a bunch.

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And then you've got the
Australian energy setting and

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these are not high margin
businesses and you know,

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particularly in the in the likes
of like aluminium and, and that

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sort of supply chain, but it
goes across the whole spectrum.

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You need to have competitive
energy settings and without

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that, you don't really have any
hope.

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So I think as as a country, we
need to ask ourselves, do we

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want to have this capacity?
You know, do we want to be

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capable of producing these
metals in country?

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And if we do, you know, the, the
next sort of thinking is do we

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want them to be government
funded?

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Do we want them to be fully
private, privately owned?

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And if we want them to be
privately owned, right, we need

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more competitive energy
settings.

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It's it's, it's quite
straightforward in, in that

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regard.
And yeah, it's going to require

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a bunch of tough decisions.
You, you zoom out, you look at

140
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the things in, in Queensland,
man iser and everything that

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there's a lot of jobs at stake
here.

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So it's a a delicate kind of
subject to to broach.

143
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I yeah, I, I, I can be, I can be
unconvinced of the merit of

144
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bailing out smelters broadly,
yeah, but but that.

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That would imply that you've
been convinced at at the minute,

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which I hazard yes, isn't isn't
the.

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Case No one's going to feel feel
sorry for the commodity trainer

148
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trainers that own it.
But I, you know, point taken on

149
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the the people of their jobs.
But, you know, this is, this is,

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this is capitalism.
Like, yeah.

151
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Yeah, 100%.
And, and it's, you know, the

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Glen cause the trappies of the
world are, are, are one spot,

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but then there's the, the flow
on effects and, and all the

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people downstream and, and
adjacent to these which get

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affected.
So, yeah, it's a, it's a really

156
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tough call because you're
competing with China and a lot

157
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of these companies stayed back
to their lower cost of capital

158
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and all that, that we've spoken
about a bunch.

159
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So it's certainly not an even
playing field across the world

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to the rare earth.
Beat so that that news about a

161
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potential floor price on rare
earths coming out of resources

162
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minister it's a little bit more
clarity or indication of what's

163
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going to kind of come out of the
whole stockpile and off take

164
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plan.
There's no doubt in my mind that

165
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that you know a huge part of
this the the benefit there is is

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going to be on kind of
underwriting the economics of of

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any other itself.
I look as any other facility

168
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now, what's plagued any other?
Well, OK, so, so A, it's a

169
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proposed refinery that's getting
built if it has been announced,

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but they still need to, to A,
fill it up with, you know,

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feedstock that you have high
confidence in and then B, find a

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buyer of it now.
Now I think 2 bits of that

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puzzle are kind of coming
together at the same time as a

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result of this government
indication because you've got

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the government with a floor
price and also going to provide

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the the offtake.
Well, guess what?

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That kind of lets the whole
financing be come out.

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I'm pretty sure Lindy and
they're going to a halt today

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because, you know, Luca's going
to going to be a substantial

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offtake and potentially even
financier of, of, of their

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rarest Africa, which yeah,
which, which will, you know, I

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expect to see the feedstock of
that be signposted for any other

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and, and what are the
implications of that?

184
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It kind of just you got this
like floor price like that, that

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that will undoubtedly
incentivize new supply to to

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come to market.
And I think, you know, I think

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we say that almost immediately.
If, if, if, if it means that you

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know, Lindian's project will,
will will now have a, a, a, a,

189
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you know, a pathway to actually
being built in the near future.

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Yeah, in in their words, it will
sort of crowd in private

191
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capital, which is an interesting
kind of concept.

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But what you reminded me of is
another bit of news out of the

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States, which is actually really
positive in my mind because you

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remember this, this has started
just with MP materials.

195
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This wasn't a universal price
floor that that set across the

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industry.
But the more recent talk is that

197
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they're willing to open that up
to a number of other American

198
00:09:47,480 --> 00:09:50,760
producers.
Now that is a positive sort of

199
00:09:50,960 --> 00:09:52,600
turn or sort of tack and
direction.

200
00:09:53,040 --> 00:09:55,600
And I'm keen to sort of chase
that one up and, and see where

201
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that goes because that is a bit
more, you know, not picking a

202
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winner and and levelizing it so
other people can potentially and

203
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you have some sort of, you know,
inkling of, of capitalism there

204
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rather than just picking you out
net winner in MP.

205
00:10:07,480 --> 00:10:08,920
But.
Well, it's, it's started with

206
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MP.
They're going to have this,

207
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this, you know, wonderful price
floor applied to them.

208
00:10:11,960 --> 00:10:14,560
And then the immediate logic is,
well, hey, if, if MP is the only

209
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one that kind of gets this, then
what if MP just buys a bunch of

210
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other development projects can
then they benefit from it.

211
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So then you know you're trying
to think of.

212
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That is it character.
Is it just mountain pass?

213
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I think, I think now that we're
seeing like a a more broad

214
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application of this kind of
price for dynamic, Yeah.

215
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Like, like if it was just MP,
then my God, the, the merit for

216
00:10:32,000 --> 00:10:34,280
MP acquiring liners or acquiring
a lucre is so strong.

217
00:10:34,320 --> 00:10:37,640
You know, just everyone gets the
price for happy days and bring

218
00:10:37,640 --> 00:10:38,840
up a bunch of development stuff
online.

219
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I still think like you look at,
yeah, the, the MP stock is, is

220
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super high.
Like, you know, they, they, they

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should buy, buy something,
consolidate that sector.

222
00:10:47,440 --> 00:10:51,200
I think the the merit of MP
buying a a liquor or Linus is

223
00:10:51,200 --> 00:10:53,200
still really strong.
I think the merit of of Linus

224
00:10:53,200 --> 00:10:55,600
buying a liquor is strong.
And I wouldn't be surprised to

225
00:10:55,600 --> 00:10:59,360
see, you know, the there'd be a
a flow on effect of some other

226
00:10:59,360 --> 00:11:01,400
critical minerals.
Well, guess what's going to go

227
00:11:01,400 --> 00:11:03,480
through the roof when a floor
price is going to be announced

228
00:11:03,480 --> 00:11:06,440
on another like, you know, niche
but critically important mineral

229
00:11:06,440 --> 00:11:07,800
out there.
Like, yeah, I wouldn't, I

230
00:11:07,800 --> 00:11:11,240
wouldn't be surprised to see
some some wacko commodities be

231
00:11:11,240 --> 00:11:13,440
lobbied at the various
governments of the world to to

232
00:11:13,440 --> 00:11:15,840
also underwrite the development.
I I think you're right mate, not

233
00:11:15,840 --> 00:11:18,480
a bad time to start a lobbying
business I reckon 'cause there's

234
00:11:19,120 --> 00:11:21,720
gotta be fair people in
Washington and Canberra getting

235
00:11:21,720 --> 00:11:25,000
a fair bit of work.
Oh gosh, what a great business.

236
00:11:26,520 --> 00:11:28,080
Shall we talk about diggers
mate?

237
00:11:28,440 --> 00:11:30,640
Diggers and dealers, how good is
diggers and dealers specifically

238
00:11:30,640 --> 00:11:33,600
the presentations mate, because
you get to listen to the the

239
00:11:33,600 --> 00:11:36,760
brightest macro economists
gather around and and tell us

240
00:11:36,760 --> 00:11:39,080
that every commodity price is
destined to, to go up,

241
00:11:39,320 --> 00:11:43,160
specifically the commodity of
the of the of the mine, which

242
00:11:43,160 --> 00:11:44,320
they're the managing director
of.

243
00:11:44,320 --> 00:11:46,360
But most and first and foremost,
the macro economists that

244
00:11:46,360 --> 00:11:47,800
presented this conference.
Not sure if you're aware.

245
00:11:48,480 --> 00:11:52,160
Absolutely.
You've hit the nail on the head

246
00:11:52,240 --> 00:11:53,960
there mate.
And they're they're preaching to

247
00:11:53,960 --> 00:11:56,920
the converted.
On the presentation front,

248
00:11:56,920 --> 00:11:58,480
though, that's actually been a
little bit dry this year.

249
00:11:58,480 --> 00:12:01,080
Nothing too outrageous when,
when you think and zoom in out

250
00:12:01,080 --> 00:12:03,200
of and thinking of Diggers.
Like there's been some

251
00:12:03,200 --> 00:12:05,520
commentary in the lead up to, to
Diggers this year specifically

252
00:12:05,520 --> 00:12:08,440
because Noosa, like Noosa
happened a couple weeks ago,

253
00:12:08,440 --> 00:12:10,360
rolled out of the Noosa
conference and into Diggers and

254
00:12:10,360 --> 00:12:12,320
a lot of people, a lot of people
really talked up the Noosa

255
00:12:12,320 --> 00:12:13,800
conference this year got a lot
of attention.

256
00:12:13,800 --> 00:12:16,920
A lot of the commentary out of
Noosa was that, you know, it

257
00:12:16,920 --> 00:12:19,520
was, it was great because you
had a more more concise and

258
00:12:19,640 --> 00:12:21,000
condensed and concentrated
crowd.

259
00:12:21,000 --> 00:12:23,600
You had more investors and
companies sort of only like it

260
00:12:23,600 --> 00:12:24,760
didn't have that trade show
feel.

261
00:12:24,760 --> 00:12:26,840
It felt very kind of capital
markets relevant.

262
00:12:26,840 --> 00:12:29,240
So with that bit of feedback,
mate, things have taken that on

263
00:12:29,240 --> 00:12:31,880
board and actually made a rule
about who's who's actually

264
00:12:31,880 --> 00:12:32,880
allowed in the tent, right?
And.

265
00:12:32,960 --> 00:12:34,760
What's the new rule mate?
So you're allowed to have

266
00:12:34,800 --> 00:12:37,680
investors and companies
obviously, and they're pretty

267
00:12:37,680 --> 00:12:40,280
strict on on which service
providers actually let in the

268
00:12:40,280 --> 00:12:41,920
tent.
In fact, for the first two

269
00:12:41,920 --> 00:12:44,960
hours, only Derek Heard was
allowed in in the main tent.

270
00:12:45,000 --> 00:12:47,120
Because Derek heard the champion
of Sandvik ground support.

271
00:12:47,120 --> 00:12:49,920
You've got to make it a blanket
rule, but you can't, because

272
00:12:49,920 --> 00:12:52,680
you've got to let Derek Kurt in.
He's the king of ground support.

273
00:12:52,680 --> 00:12:55,040
They are the go to name in
ground support mate,

274
00:12:55,040 --> 00:12:58,840
manufacturing and supplying in
every sort of nook of the world

275
00:12:59,160 --> 00:13:02,480
got the the Qdao factory here
you can see they supply people

276
00:13:02,480 --> 00:13:05,160
from all over the world and and
they've got the app, which I

277
00:13:05,160 --> 00:13:06,760
know you love mate big.
Fan of the app.

278
00:13:07,000 --> 00:13:10,720
Mines are getting deeper mate.
You need ground support to make

279
00:13:10,720 --> 00:13:13,760
them safe.
Fantastic ground support solves

280
00:13:13,760 --> 00:13:15,440
all of those problems.
And they've got some exciting

281
00:13:15,440 --> 00:13:17,320
updates coming soon, mate.
Watch this space.

282
00:13:17,360 --> 00:13:20,520
I'm keeping my eyes peeled.
Say hi to Derek because he's

283
00:13:20,520 --> 00:13:22,000
loud in the tent.
Go Derek.

284
00:13:23,440 --> 00:13:25,120
Where should we start with
diggers, mate?

285
00:13:25,120 --> 00:13:28,840
There's a plethora of
announcements and presentations

286
00:13:28,840 --> 00:13:31,120
to to sort of talk through.
Obviously a lot of discoveries

287
00:13:31,120 --> 00:13:33,320
being made the past couple days.
Isn't there as well?

288
00:13:33,320 --> 00:13:35,320
But Pantora, you want to start
there.

289
00:13:35,320 --> 00:13:37,200
I do, yeah.
I think we we've each gone about

290
00:13:37,200 --> 00:13:40,000
this by plucking out a few
snippets here and there and

291
00:13:40,000 --> 00:13:41,400
hopefully it leads to some
interesting discussion.

292
00:13:41,400 --> 00:13:44,920
This is Paul Smelik of Pantoro
wrapping up his his Prezzo.

293
00:13:45,320 --> 00:13:47,120
So we started out very, very
small.

294
00:13:48,360 --> 00:13:51,200
We had a $15 million market cap,
woman bought Halls Creek.

295
00:13:51,560 --> 00:13:54,200
We had a broken plan and we're
developing an underground mine

296
00:13:54,200 --> 00:13:58,120
in oxide material.
Starting with about 20 of us.

297
00:13:58,440 --> 00:14:00,560
We got to 2016.
This is why I really wanted to

298
00:14:00,560 --> 00:14:03,280
show it.
I've I've always asked to to

299
00:14:03,280 --> 00:14:05,880
bring this bull back out.
This is our opening presentation

300
00:14:06,440 --> 00:14:12,040
at Diggers and Dealers in 2016.
The bull keeps finding more gold

301
00:14:12,040 --> 00:14:13,120
and it's getting better and
better.

302
00:14:13,120 --> 00:14:18,160
So I.
Didn't show that to you before

303
00:14:19,440 --> 00:14:22,080
the audio listeners.
There's an animation of a bull,

304
00:14:22,080 --> 00:14:23,440
kind of like the logo of
Fantora.

305
00:14:23,440 --> 00:14:24,720
Just you've got to, you've got
to.

306
00:14:24,720 --> 00:14:25,920
Watch that one.
You'll watch it.

307
00:14:26,960 --> 00:14:29,080
Pooping out some gold.
That's that's brilliant.

308
00:14:29,440 --> 00:14:32,440
I yeah, fantastic.
Right on smells they, but my

309
00:14:32,440 --> 00:14:34,480
pentor is actually pretty
interesting now and kudos to

310
00:14:34,480 --> 00:14:36,320
them.
They added $43 million of, of,

311
00:14:36,560 --> 00:14:39,160
of cash and go to the balance
sheet last quarter.

312
00:14:39,160 --> 00:14:42,080
They, they, they really knocked
it out of the park and yeah,

313
00:14:42,080 --> 00:14:46,080
like, like that quarter saw
Norseman cranked at 25, 25.4000

314
00:14:46,080 --> 00:14:48,200
oz produced.
So like, you know, they, the

315
00:14:48,200 --> 00:14:50,600
guidance had had in people's
head for a long time and been

316
00:14:50,600 --> 00:14:53,880
this it's going to get to 100 to
110,000 oz And they, and when

317
00:14:53,880 --> 00:14:55,800
you, when you look at that
quarter, you're like, OK, they

318
00:14:55,800 --> 00:14:57,880
got there.
They're the only gold mine on

319
00:14:57,920 --> 00:15:00,400
ASX right now with an all time
high share price.

320
00:15:00,400 --> 00:15:03,480
Everyone else has sort of peeled
off as all sorts of macro things

321
00:15:03,480 --> 00:15:07,040
have happened.
But Pantoro you know, having the

322
00:15:07,040 --> 00:15:09,720
benefit of a of a rewrite on the
back of a really strong

323
00:15:09,720 --> 00:15:12,880
operational quarter and an
expectation that there's,

324
00:15:12,880 --> 00:15:15,640
there's going to be more, you
know more more guidance met and

325
00:15:15,640 --> 00:15:18,280
operational delivery there.
Yeah, I'm, I'm with you there.

326
00:15:18,280 --> 00:15:21,400
It's it's really good to see
them start to check cash into

327
00:15:21,400 --> 00:15:22,960
the bank.
Yeah, totally.

328
00:15:23,120 --> 00:15:26,400
And I mean they are going to
spend a lot in, in the way of

329
00:15:26,400 --> 00:15:29,880
capital on, on both exploration
and development this year.

330
00:15:29,880 --> 00:15:33,080
But but like I do think that's
for the, you know, for the for

331
00:15:33,080 --> 00:15:36,040
the betterment of the project.
Now that they've got like Scotia

332
00:15:36,040 --> 00:15:38,240
and nameplate providing feed at
the same time.

333
00:15:38,240 --> 00:15:41,600
You've got, you know, OK,
underground delivering kind of

334
00:15:41,600 --> 00:15:44,000
outperforming actually in terms
of what it's providing the mill.

335
00:15:44,000 --> 00:15:46,720
And then that's that's allowing
allowing the foundations to to

336
00:15:46,720 --> 00:15:50,200
do the work on, you know, the
bull and decline at the same

337
00:15:50,200 --> 00:15:52,680
time as expiration.
Yeah, actually a sort of

338
00:15:52,680 --> 00:15:54,480
positive feeling around around
the company, mate.

339
00:15:54,720 --> 00:15:58,240
Next up.
Len old Aldridge of a vault,

340
00:15:58,320 --> 00:16:00,840
formerly Silver Lake, but I've
got I've got to play this one

341
00:16:00,840 --> 00:16:03,400
from from Lenny.
By the way, this is just 18

342
00:16:03,400 --> 00:16:05,640
seconds into into the Prezzo
from vault.

343
00:16:05,920 --> 00:16:09,600
As a business, we are driven by
free cash flow generation, not

344
00:16:09,640 --> 00:16:13,400
aspirational production targets.
Remember 2 years ago Raul was

345
00:16:13,400 --> 00:16:15,640
Diggers Prezzo and he's.
How could I forget?

346
00:16:15,640 --> 00:16:17,840
That was great.
Anyway, so I reckon it's still

347
00:16:17,840 --> 00:16:21,600
in Len's mind and he's like
making it make it taking a jab

348
00:16:21,600 --> 00:16:23,760
at Genesis already aspirational
production targets.

349
00:16:23,800 --> 00:16:26,800
But Genesis aren't the only ones
you know, These things are are

350
00:16:26,800 --> 00:16:29,240
everywhere these days, you know,
or a band are Bright Star come

351
00:16:29,240 --> 00:16:31,560
to mind.
But not fault, mate, They're

352
00:16:31,560 --> 00:16:33,040
bucking the trend.
Free cash flow.

353
00:16:33,080 --> 00:16:35,840
Free cash flow, don't mind that.
Always alert to opportunistic

354
00:16:35,840 --> 00:16:38,480
situations.
As I stated on this stage last

355
00:16:38,480 --> 00:16:41,920
year, the life, the
opportunities and the cash flow

356
00:16:41,920 --> 00:16:44,920
generation potential of the
portfolio means we have no

357
00:16:44,920 --> 00:16:47,360
existential requirement to
pursue MNA.

358
00:16:49,120 --> 00:16:50,600
What do you What do you make?
Of that, is that what you say

359
00:16:50,600 --> 00:16:54,520
right before you do a big deal?
Maybe, maybe.

360
00:16:54,520 --> 00:16:57,320
I reckon, I mean, he started by
saying we're always aware of the

361
00:16:57,320 --> 00:16:59,280
opportunistic situations but
don't need to do it.

362
00:16:59,280 --> 00:17:01,200
I think, I think they're
probably fielded a bunch of

363
00:17:01,200 --> 00:17:03,320
questions in recent history
about what's their interest in

364
00:17:03,320 --> 00:17:05,240
Bellevue, they're going to do a
deal in Bellevue, yada, yada.

365
00:17:05,240 --> 00:17:09,480
All of the rumors around
Bellevue and also the rumors

366
00:17:09,480 --> 00:17:11,880
before that, of course, of a
potential deal with Genesis now.

367
00:17:12,680 --> 00:17:15,280
Yeah.
So let's let's, let's, let's

368
00:17:15,280 --> 00:17:17,720
wait and see.
But like that was the the party

369
00:17:17,720 --> 00:17:21,920
line, the whole thing about
Bellevue, that's kind of the one

370
00:17:21,920 --> 00:17:23,480
of the talking points.
I think that'll come out of

371
00:17:23,480 --> 00:17:24,440
Diggers.
It's just a whole bunch of

372
00:17:24,440 --> 00:17:26,680
speculation about, you know,
where, where's Bellevue at?

373
00:17:26,680 --> 00:17:28,920
What's going to happen to that?
I think there'll be no shortage,

374
00:17:28,920 --> 00:17:30,040
mate.
On to the next one.

375
00:17:30,040 --> 00:17:32,800
Simon Lawson and Zeppe
Fulramilis on the stage

376
00:17:32,800 --> 00:17:34,760
together.
There was a few snippets from

377
00:17:34,760 --> 00:17:37,360
this one and a few sort of
comments that I thought were

378
00:17:37,720 --> 00:17:39,400
were pretty punchy.
So first and foremost, you've

379
00:17:39,400 --> 00:17:43,880
got the two of them together and
there's no shortages of remarks

380
00:17:43,880 --> 00:17:45,760
about how the dynamic has
changed since last year when

381
00:17:45,760 --> 00:17:47,000
they were sort of going head to
head.

382
00:17:47,480 --> 00:17:50,640
But some of the comments from
Zippy, from cash flow is going

383
00:17:50,640 --> 00:17:54,240
to be mega to, it's fair to say,
3G Millingrade at this gold

384
00:17:54,240 --> 00:17:56,680
price.
We are killing it, you know,

385
00:17:58,000 --> 00:17:59,920
they're, they're really feeling
themselves, you know, and you

386
00:17:59,920 --> 00:18:03,320
can see that in the in the cash
flow that the the companies kind

387
00:18:03,320 --> 00:18:05,400
of made.
But mate, you're you're a

388
00:18:05,520 --> 00:18:07,240
Spartan shareholder.
So does that mean you're now a

389
00:18:07,440 --> 00:18:08,840
Amelia?
Shareholder as of last week.

390
00:18:08,840 --> 00:18:10,520
I am a Amelia shareholder now,
mate.

391
00:18:10,560 --> 00:18:14,960
And I think, you know, having
said that, looking at the the

392
00:18:14,960 --> 00:18:18,320
comments that you made about Q
is really, really interesting.

393
00:18:18,760 --> 00:18:20,360
People have kind of forgotten
about it, I think, in the

394
00:18:20,600 --> 00:18:23,760
excitement of what they've done
with the Spartan deal that sort

395
00:18:23,760 --> 00:18:25,440
of dominated the last sort of
six months.

396
00:18:25,840 --> 00:18:29,800
And I think Penny had always
sort of taken the cake in terms

397
00:18:29,800 --> 00:18:32,520
of grade, but to see Q just
dominated is kind of

398
00:18:32,520 --> 00:18:33,680
interesting.
We are killing it.

399
00:18:35,720 --> 00:18:39,040
So for anyone who has any
queries about our ability to

400
00:18:39,040 --> 00:18:43,080
bring projects, including
Delgaranga into production

401
00:18:43,080 --> 00:18:45,600
quickly and make a return, I
have this little case study.

402
00:18:45,600 --> 00:18:51,360
Two slides on the Q project.
We acquired Q in October 2023,

403
00:18:51,360 --> 00:18:53,720
which was at the time
essentially a series of drill

404
00:18:53,720 --> 00:18:59,880
pads and by diggers.
Last year August 24, we'd

405
00:18:59,880 --> 00:19:03,640
completed permitting internal
external approvals and we were

406
00:19:03,640 --> 00:19:06,640
mining the pre strip of the
break a day pit which you can

407
00:19:06,640 --> 00:19:11,640
see on the bottom left.
If we move forward 12 months,

408
00:19:11,880 --> 00:19:15,960
remembering that we mined first
door in October, we've mined

409
00:19:16,240 --> 00:19:20,120
almost 100,000 oz at 10 grams
per ton at an all in sustaining

410
00:19:20,120 --> 00:19:25,080
cost below $800.00 an ounce and
generated almost 288 million in

411
00:19:25,080 --> 00:19:25,840
free cash flow.
It's.

412
00:19:26,400 --> 00:19:28,440
Remarkable that that's paid
itself off already.

413
00:19:28,480 --> 00:19:30,320
Yeah quite impressive indeed
mate.

414
00:19:30,600 --> 00:19:32,160
Like that that's a that's
remarkable.

415
00:19:32,160 --> 00:19:34,840
I mean the fact that they
acquired that like October 23.

416
00:19:34,840 --> 00:19:35,840
I remember talking about the
deal.

417
00:19:35,840 --> 00:19:38,800
I remember you know anyway, it's
just remarkable how quick all

418
00:19:38,800 --> 00:19:42,040
that happened so kudos to them.
That is backward looking Helm

419
00:19:42,040 --> 00:19:44,600
ever JD and I think like the the
thing you've always got to

420
00:19:44,600 --> 00:19:46,320
contextualize with with
Rameelius is what's

421
00:19:46,320 --> 00:19:50,600
forward-looking and when Q like
if Q is already up forming penny

422
00:19:50,600 --> 00:19:55,680
well it kind of tells you where
pennies at so how much yeah Q

423
00:19:55,720 --> 00:20:01,080
itself doesn't doesn't it was a
pretty definite deposit in my

424
00:20:01,080 --> 00:20:03,400
life there.
So they're going to have to have

425
00:20:03,680 --> 00:20:06,480
a period of a couple of.
A couple of years or already

426
00:20:06,480 --> 00:20:09,680
months of relatively, you know,
lesser cash flow than than than

427
00:20:09,680 --> 00:20:11,880
has been expected historically.
That that's been the knock.

428
00:20:11,880 --> 00:20:13,920
You know, Edna May is no longer
producing.

429
00:20:13,920 --> 00:20:17,000
It's just sort of sitting there
now and we know Penny is a a

430
00:20:17,160 --> 00:20:19,200
very short my life and these
sorts of things.

431
00:20:19,200 --> 00:20:22,560
And obviously they think Dale
Granger can can feel the gap

432
00:20:22,560 --> 00:20:24,640
there.
We'll sort of see yeah, in due

433
00:20:24,640 --> 00:20:27,440
course what sort of numbers that
adds to the the production

434
00:20:27,440 --> 00:20:33,800
profile specifically from that
sort of 28 to 2032 type time

435
00:20:33,800 --> 00:20:37,280
frame when you're all in
sustaining cost went to over

436
00:20:37,280 --> 00:20:42,800
3000 almost doubled and the the
production really dropped off.

437
00:20:42,800 --> 00:20:45,200
So they'll be looking for that
to fill that gap and we'll sort

438
00:20:45,200 --> 00:20:46,960
of wait and see by the end of
the year what the numbers look

439
00:20:46,960 --> 00:20:49,360
like around that.
Yep, and that's not the only one

440
00:20:49,360 --> 00:20:53,320
from this speech, because later
on we get the great man Mr.

441
00:20:53,320 --> 00:20:57,040
Simon Lawson, who is a natural
speaker I think he was made for

442
00:20:57,040 --> 00:20:58,840
presenting it to.
You over the moon that I get the

443
00:20:58,840 --> 00:21:02,120
chance to go and drill down
there with my team and integrate

444
00:21:02,120 --> 00:21:05,760
with the Remilius strategy and
also leverage off some of those

445
00:21:05,760 --> 00:21:09,000
amazing cash flows because for a
while it was looking pretty bare

446
00:21:09,000 --> 00:21:13,320
and now covered and and you
know, Mark's been putting a lot

447
00:21:13,320 --> 00:21:15,240
in the bank.
So I'm quite happy to try and

448
00:21:15,240 --> 00:21:16,880
spend some of it finding some
more gold.

449
00:21:19,480 --> 00:21:20,880
Hang on.
I like it.

450
00:21:21,960 --> 00:21:25,440
It does fundamentally does speak
to AI suppose like an

451
00:21:25,440 --> 00:21:28,640
amalgamation of two different
cultures in Remilius and Spartan

452
00:21:28,640 --> 00:21:31,920
and and you you're seeing that
pro forma now trying to find the

453
00:21:31,920 --> 00:21:35,520
find the middle ground on higher
expiration spend then, you know,

454
00:21:35,520 --> 00:21:37,520
has historically happened from
Remelia.

455
00:21:37,520 --> 00:21:40,200
So we're focused on free cash
flow generation and really

456
00:21:40,200 --> 00:21:42,800
cutting costs from every part of
the business where where

457
00:21:42,800 --> 00:21:44,520
necessary to maximize free cash
flow.

458
00:21:44,520 --> 00:21:47,200
So, yeah, like and then they're
navigating that they've got a

459
00:21:47,200 --> 00:21:50,320
bigger expiration budget for the
next financial year, which is

460
00:21:51,320 --> 00:21:54,200
supported by the by the by the
spot and kind of perspective on

461
00:21:54,200 --> 00:21:56,000
things.
And yeah, it'll be kind of

462
00:21:56,000 --> 00:21:58,520
interesting to see if they have
the expiration success to and

463
00:21:58,760 --> 00:22:01,120
and stick with that strategy.
Absolutely, mate.

464
00:22:01,120 --> 00:22:03,960
Came to see where that one goes.
Next up, Emerald Morgan Hart

465
00:22:03,960 --> 00:22:06,760
presenting at the end of Monday
and there was a couple of

466
00:22:06,760 --> 00:22:08,360
snippets here that I think are
worth playing mate.

467
00:22:08,520 --> 00:22:10,960
Start with this bit here.
To be paying them something like

468
00:22:10,960 --> 00:22:13,440
25 to $35 million a year of tax
and rallies.

469
00:22:13,640 --> 00:22:16,720
We paid them $52 million this
year in taxes and rallies.

470
00:22:16,800 --> 00:22:19,240
The the second biggest taxpayer
in Cambodia.

471
00:22:19,600 --> 00:22:21,440
By the time we're doing our
second project, we'll be well

472
00:22:21,440 --> 00:22:23,440
and truly the number one
taxpayer in Cambodia.

473
00:22:24,040 --> 00:22:26,640
Isn't that remarkable #1
taxpayer in Cambodia?

474
00:22:27,800 --> 00:22:30,120
That really is.
I had no idea about that.

475
00:22:30,240 --> 00:22:31,880
Yeah.
But it's always striking when

476
00:22:31,880 --> 00:22:36,120
you hear about these somewhat
like obscure gold companies that

477
00:22:36,120 --> 00:22:37,880
are operating obviously in a
developing country, the

478
00:22:38,040 --> 00:22:41,440
proportion of GDP that they
contribute to to to where where

479
00:22:41,440 --> 00:22:43,440
they're operating and, and that
flows through the tax revenues

480
00:22:43,440 --> 00:22:44,760
and everything like that.
I found that a pretty

481
00:22:44,760 --> 00:22:46,520
interesting thing.
Yeah, super, super impressive.

482
00:22:46,520 --> 00:22:49,560
I thought the presentation from
Morgan was impressive all round.

483
00:22:49,560 --> 00:22:52,200
And they're, you know, a team
with a great track record.

484
00:22:52,520 --> 00:22:55,360
There's this little snippet that
I think's worth playing as they

485
00:22:55,440 --> 00:22:57,280
sort of shift where they're
they're going to, they're going

486
00:22:57,280 --> 00:23:01,600
to go from pulling in 2G per ton
dirt to 6g for a for a little

487
00:23:01,600 --> 00:23:03,440
period.
So there's a bit of sugar there

488
00:23:03,440 --> 00:23:04,760
to be pulled.
And this slide, if you look at

489
00:23:04,760 --> 00:23:07,560
the top right hand corner there
and and you look at the

490
00:23:07,560 --> 00:23:12,080
intersections there, the 15118
at 19118.4429, that's what we

491
00:23:12,080 --> 00:23:14,200
intend to bring into production
underground next year.

492
00:23:14,400 --> 00:23:16,680
We think of the second calendar
half of next year, we'll start a

493
00:23:16,680 --> 00:23:18,600
a decline from the northern part
of the pit.

494
00:23:18,800 --> 00:23:21,080
That's the first or it goes
through and we we expect to

495
00:23:21,080 --> 00:23:25,880
increase the production at off
by replacing 2G open cut

496
00:23:25,880 --> 00:23:28,840
material with 6G open cut
material on a percentage basis.

497
00:23:28,960 --> 00:23:30,800
Pretty pretty straight talker,
isn't he, Morgan?

498
00:23:30,960 --> 00:23:33,320
He he sure is, mate.
And there was one more snippet

499
00:23:33,320 --> 00:23:36,160
that, yeah, you plucked out.
I found this striking, I think.

500
00:23:36,160 --> 00:23:38,480
I think I've actually seen
Morgan speak to this phenomenon

501
00:23:38,480 --> 00:23:41,440
before.
But yeah, if mining with this

502
00:23:41,440 --> 00:23:43,240
simple everywhere in the world
would be amazing.

503
00:23:44,240 --> 00:23:46,720
Mammat is the other growth story
I've been talking about.

504
00:23:46,720 --> 00:23:49,600
If you look at that slide on the
left, that was Ochbow in in

505
00:23:50,120 --> 00:23:53,000
2011.
That's the footprint that Oz

506
00:23:53,000 --> 00:23:55,920
Minerals actually found.
On the right hand side is

507
00:23:55,920 --> 00:23:58,240
Mammat.
Same footprint, same geological

508
00:23:58,240 --> 00:24:00,640
signature die right, intrusions
into Hornfeld's Meadow

509
00:24:00,640 --> 00:24:03,880
sediments, same illegal miners.
I've moved them off of Ochbow.

510
00:24:04,440 --> 00:24:06,640
Five years ago, they moved into
Mammat.

511
00:24:06,640 --> 00:24:09,720
I've moved them again this year,
150 of them, 150 families of

512
00:24:09,720 --> 00:24:11,360
them.
And then now another project

513
00:24:11,360 --> 00:24:13,520
we've got to the north, which I
always tell my geologist, which

514
00:24:13,520 --> 00:24:16,560
I've got 50 of in his team, that
maybe we should be following

515
00:24:16,560 --> 00:24:18,720
these guys rather than me paying
their money in case.

516
00:24:19,200 --> 00:24:22,200
Isn't that pretty funny?
Like, yeah, it's just just

517
00:24:22,200 --> 00:24:25,080
following the artisanal miners
where they go makes a lot of

518
00:24:25,080 --> 00:24:28,000
sense, doesn't.
It it works in in quite a few

519
00:24:28,000 --> 00:24:30,240
different countries mate.
Imagine, imagine having yeah

520
00:24:30,240 --> 00:24:32,760
imagine the same artisanal
miners kind of you having to pay

521
00:24:32,760 --> 00:24:35,680
for them to be moved three times
and you know, you build 3 mines

522
00:24:35,680 --> 00:24:38,600
as a result of that.
It's pretty easy kind of

523
00:24:38,600 --> 00:24:40,880
exploration story when you when
you think of it like that.

524
00:24:41,080 --> 00:24:43,280
Next up, mate, Ken Brinson of a
Patriot.

525
00:24:43,680 --> 00:24:48,840
Pelucite is to cesium what
spodumain is to lithium.

526
00:24:48,840 --> 00:24:51,160
Think about them kind of in a
similar light.

527
00:24:52,200 --> 00:24:55,440
Right, Love simple analogies.
Got to speak to me like in

528
00:24:55,440 --> 00:24:57,800
simple words.
Love simple language.

529
00:24:58,240 --> 00:25:00,360
Mind you, I didn't actually know
what spodumain was five years

530
00:25:00,360 --> 00:25:02,000
ago, but now?
Now I do.

531
00:25:02,000 --> 00:25:04,560
Now you're in the nomad.
Now I know what polysite is as

532
00:25:04,560 --> 00:25:06,880
well.
Next up, Waratah.

533
00:25:08,360 --> 00:25:12,240
So this is actually the the
intro to the spiel from from

534
00:25:12,560 --> 00:25:15,280
Waratah our.
Next presenter probably.

535
00:25:15,400 --> 00:25:18,520
It couldn't be better timed.
I'm just looking at the share

536
00:25:18,520 --> 00:25:22,320
price.
It's up 41% today, so pretty

537
00:25:22,320 --> 00:25:24,080
exciting time for Waratah
Minerals.

538
00:25:26,120 --> 00:25:28,040
The intro there from Andrew
Quayle.

539
00:25:28,560 --> 00:25:30,800
Well today mate.
So this is the second day dig

540
00:25:30,800 --> 00:25:33,240
because that was day one.
Second day dig is our share

541
00:25:33,240 --> 00:25:36,200
price is up another 20%.
It's up 62% since dig is kicked

542
00:25:36,200 --> 00:25:39,160
off, which is remarkable.
One of those one of those day

543
00:25:39,160 --> 00:25:41,920
one exploration success stories,
mate.

544
00:25:42,120 --> 00:25:44,760
But you know, jokes aside, I'm
kind of paying attention to what

545
00:25:44,760 --> 00:25:47,040
happens before retirement and
spare.

546
00:25:47,080 --> 00:25:49,040
It looks like they're they're on
to something interesting.

547
00:25:49,040 --> 00:25:51,000
Looks like they're doing, you
know, good exploration work

548
00:25:51,000 --> 00:25:54,040
there and it's, you know, in a
good post code.

549
00:25:54,640 --> 00:25:58,160
So yeah, but the day one dig is
effect, good news effect is as

550
00:25:58,160 --> 00:26:00,240
strong as ever.
Nonetheless, love it.

551
00:26:00,720 --> 00:26:05,400
And Sam Smith of Santana, have
you ever heard him speak before?

552
00:26:05,480 --> 00:26:07,280
I have not, no.
Well, yeah, you're in.

553
00:26:07,360 --> 00:26:10,840
You're in for a treat here, JD,
because he did the pretty

554
00:26:10,840 --> 00:26:13,840
uncommon thing in the world of
of mining presentations.

555
00:26:13,840 --> 00:26:16,560
At the end of his speech,
instead of wrapping up with the

556
00:26:16,560 --> 00:26:18,880
investment highlights, he shared
an anecdote.

557
00:26:19,680 --> 00:26:24,320
This project in years to come
will be the pride of Cromwell

558
00:26:24,320 --> 00:26:27,680
and will reignite the Central
Otago Goldfield story.

559
00:26:28,160 --> 00:26:30,800
And I know this is going to be
true because we've had over 1000

560
00:26:30,800 --> 00:26:32,840
job applications in the last six
months.

561
00:26:33,240 --> 00:26:36,200
And I met one of those
applicants in a pub in Cromwell.

562
00:26:36,200 --> 00:26:39,320
Last time I was there.
It was a truck driver driving

563
00:26:39,320 --> 00:26:42,720
from Wanica 2 1/2 hours to a
neighboring project.

564
00:26:42,720 --> 00:26:46,040
She had to buy a caravan.
She couldn't afford a room to

565
00:26:46,040 --> 00:26:48,680
rent, 2 1/2 an hour drive to get
to work.

566
00:26:48,920 --> 00:26:52,440
And when I told her that I work
for Santana, she got all excited

567
00:26:52,440 --> 00:26:55,840
and said, Sam, if you can get
that project up and running, I

568
00:26:55,840 --> 00:26:58,880
can be at home every night and
back to my kids sleeping in my

569
00:26:58,880 --> 00:27:01,200
own bed.
And that's why we're building

570
00:27:01,200 --> 00:27:03,320
this project, obviously for our
shareholders.

571
00:27:03,680 --> 00:27:07,640
But those people in Cromwell,
every family in Cromwell, Wanica

572
00:27:07,800 --> 00:27:11,040
and Alexandra will either have
somebody or know somebody that

573
00:27:11,040 --> 00:27:13,200
works at this project in years
to come.

574
00:27:14,040 --> 00:27:15,680
For a moment there I forgot I
was watching a Diggy's

575
00:27:15,680 --> 00:27:17,200
presentation.
I thought it was a Ted talk.

576
00:27:17,200 --> 00:27:19,480
So, you know, well done for
doing things a bit differently,

577
00:27:19,960 --> 00:27:21,600
Sam.
I don't mind a little bit of

578
00:27:21,600 --> 00:27:23,320
that.
Not even behind the stand, just

579
00:27:23,320 --> 00:27:25,840
roaming around.
Yeah, like even the delivery was

580
00:27:25,840 --> 00:27:27,960
Ted Talk S, wasn't it?
There was no lectern involved.

581
00:27:27,960 --> 00:27:30,600
It was getting emotional.
There you go.

582
00:27:31,360 --> 00:27:34,280
OK, now, now to the funny stuff.
I don't know if you've heard

583
00:27:34,800 --> 00:27:36,880
Alex Riviera's natural voice,
but it doesn't sound like this.

584
00:27:37,360 --> 00:27:41,040
A number of M&A transactions has
positioned us with substantial

585
00:27:41,040 --> 00:27:43,360
mineral resources.
We have just under 4 million

586
00:27:43,360 --> 00:27:47,160
ounces of resources pro forma
across the Eastern gold fields

587
00:27:47,160 --> 00:27:48,720
in the Murchison districts of
WA.

588
00:27:49,400 --> 00:27:52,320
We do have a strategic focus now
to pivot from what was a very

589
00:27:52,320 --> 00:27:55,480
corporate heavy.
Journey for the last two years.

590
00:27:55,480 --> 00:27:57,040
I have a Go have some water,
Alex.

591
00:27:57,240 --> 00:27:58,200
Maybe a lozenge as well.
I.

592
00:27:58,480 --> 00:28:00,200
Thought it'd be interesting if
we talked about what we actually

593
00:28:00,200 --> 00:28:03,600
found kind of interesting from
all of the, the prezzos that we

594
00:28:03,600 --> 00:28:05,080
did watch.
Like any companies that we

595
00:28:05,080 --> 00:28:07,480
thought like, you know, we
should start thinking about in

596
00:28:07,520 --> 00:28:10,920
a, in a, in a new way or a new
light, or maybe get an

597
00:28:10,920 --> 00:28:14,120
inflection point or, you know,
like we think there's, there's,

598
00:28:14,240 --> 00:28:15,320
there's some interesting part of
it.

599
00:28:15,320 --> 00:28:17,760
Maybe the story's complicated.
Yeah, I think, I think there's a

600
00:28:17,760 --> 00:28:20,960
few that make the cut.
I know Medallion is top of the

601
00:28:20,960 --> 00:28:22,240
list here for you.
Why don't we start there?

602
00:28:23,200 --> 00:28:25,360
Yeah.
Well, I, I, I thought I watched,

603
00:28:25,440 --> 00:28:27,720
I watched Paul Bennett's, you
know, talk on, on Medallion.

604
00:28:27,720 --> 00:28:29,520
I thought it was, I thought it
was pretty interesting.

605
00:28:29,520 --> 00:28:31,760
Like where was he in a like a
gold bull market?

606
00:28:32,520 --> 00:28:35,360
Medallion is an advanced
developer in that next wave of

607
00:28:35,360 --> 00:28:37,720
developers that could make their
way to be, you know, a producer

608
00:28:37,720 --> 00:28:41,080
in, in the near term.
They won't dig his effect again

609
00:28:41,080 --> 00:28:43,800
with, with Medallion.
But this was deal related.

610
00:28:43,800 --> 00:28:46,440
It wasn't a new deal, but the,
the, the deal that they struck

611
00:28:46,440 --> 00:28:48,960
with IGO about a year ago to get
hold of Forestania, that's now

612
00:28:49,400 --> 00:28:50,560
binding.
They're getting the whole

613
00:28:50,560 --> 00:28:54,120
Forestania nickel operation.
So that's the concentrator plus

614
00:28:54,120 --> 00:28:55,840
the whole what they call the FNR
tenure.

615
00:28:56,600 --> 00:28:59,000
Why is that important?
Well, the, the, the Cosmic Boy

616
00:28:59,000 --> 00:29:01,000
concentrator comes with a
flotation plan already.

617
00:29:01,040 --> 00:29:04,160
And that means Medallion can
prioritise it's sulfide or is it

618
00:29:04,160 --> 00:29:06,640
Ravenswood, which, you know,
they've done plenty of work to

619
00:29:06,640 --> 00:29:09,040
understand.
It's got really good grade and

620
00:29:09,720 --> 00:29:13,080
the gravy though with the with
the deal is just the FNO tenure

621
00:29:13,080 --> 00:29:16,680
piece of piece of that equation
that that includes 33 registered

622
00:29:16,680 --> 00:29:19,360
gold prospects plus three
historical oxide resources,

623
00:29:19,360 --> 00:29:22,800
which I did not know until
listening to to Paul Bennett

624
00:29:23,080 --> 00:29:24,680
Prezzo.
Yeah.

625
00:29:24,680 --> 00:29:27,000
And my, my curiosity is just
learn more about what those

626
00:29:27,000 --> 00:29:30,320
historical resources are because
if they can also support, you

627
00:29:30,320 --> 00:29:33,160
know, a mine plan that that kind
of makes the whole, you know,

628
00:29:33,160 --> 00:29:34,800
the whole story.
Like, yes, super, super

629
00:29:34,800 --> 00:29:35,960
interesting.
It's a bit of a sleeper.

630
00:29:35,960 --> 00:29:38,800
It's only $150 million market
cap, but you know it could, it

631
00:29:38,800 --> 00:29:41,880
could experience the the near
term rewrite effect that we've

632
00:29:41,880 --> 00:29:44,960
seen at the likes of Maker go
through themselves.

633
00:29:45,160 --> 00:29:48,040
Yeah, Yeah, I'm with you there.
Bit of a rewrite or already from

634
00:29:48,040 --> 00:29:50,240
the the very low base they came
from, but it's true.

635
00:29:50,240 --> 00:29:53,240
Yeah, I'm totally with you on
the on the trajectory there.

636
00:29:53,240 --> 00:29:56,600
I think the next company rocks
actually falls into a a similar

637
00:29:56,600 --> 00:29:59,600
type category.
So yeah, 200 mil market cap at

638
00:29:59,600 --> 00:30:02,720
50 in, in cash.
I think that they're doing a lot

639
00:30:02,720 --> 00:30:07,160
of good things there as well and
there's good energy and sort of

640
00:30:07,160 --> 00:30:08,760
speed about how they're
operating at the moment.

641
00:30:09,240 --> 00:30:11,080
Unfortunately from them, the the
thing I'm going to call out

642
00:30:11,080 --> 00:30:15,240
isn't necessarily related to the
operations and what's happening

643
00:30:15,240 --> 00:30:17,240
there at you and me, but I
thought that was an interesting

644
00:30:17,240 --> 00:30:19,480
comment from the boss field
widening here that it's worth

645
00:30:19,480 --> 00:30:21,680
playing out loud.
From the coverage we have from

646
00:30:21,680 --> 00:30:24,320
Canaccord, EUR and Petra, we're
about half our target share

647
00:30:24,320 --> 00:30:27,320
process on that base case.
And if you go to that long case,

648
00:30:27,320 --> 00:30:30,000
which is what they're expecting
to say out of our study, we're

649
00:30:30,000 --> 00:30:32,920
looking at another 3-4 times
growth if both projections come

650
00:30:32,920 --> 00:30:33,280
true.
What?

651
00:30:34,800 --> 00:30:36,120
Do you think mate?
Oh, yeah.

652
00:30:36,600 --> 00:30:39,880
As I, well, there's always like
all those rules about what

653
00:30:39,880 --> 00:30:42,200
you're allowed to talk about is,
you know, potential forecasts

654
00:30:42,200 --> 00:30:43,680
and stuff that you put out to
the market.

655
00:30:43,840 --> 00:30:46,440
But if the brokers put them out,
mate, we can still direct it.

656
00:30:46,480 --> 00:30:49,040
We can still direct the market.
Share price has gone up four

657
00:30:49,040 --> 00:30:50,960
times.
Oh gosh, yeah.

658
00:30:51,000 --> 00:30:52,920
Not conflicted at all.
You know, you and I, we cut our

659
00:30:52,920 --> 00:30:56,360
teeth on the South side and we,
you know, we just knowing how

660
00:30:56,360 --> 00:30:58,600
the sausage is made, like we
don't actually hold these price

661
00:30:58,600 --> 00:31:01,040
targets with any weight.
Yeah.

662
00:31:01,040 --> 00:31:03,480
And it's not to say there's not
great things happening at the

663
00:31:03,480 --> 00:31:05,760
company, just not much weight in
those ones.

664
00:31:05,800 --> 00:31:09,040
I'm very keen to see that the
DFS come out for the rocks by

665
00:31:09,040 --> 00:31:10,920
the end of the year.
The pits are being de watered

666
00:31:10,920 --> 00:31:12,640
there and there's going to be
rigs going for underground

667
00:31:12,640 --> 00:31:14,520
drilling soon.
Obviously much cheaper.

668
00:31:14,520 --> 00:31:17,720
You can go at it much quicker.
So like I said, think things are

669
00:31:17,720 --> 00:31:20,920
happening quite quickly and I
think, you know, with the the

670
00:31:20,920 --> 00:31:26,400
whole, you know, semi
refractory, you know, stain that

671
00:31:26,400 --> 00:31:28,360
it had sort of on it for a long
time, people just sort of

672
00:31:28,360 --> 00:31:31,080
steered clear.
But I think there's a yeah,

673
00:31:31,080 --> 00:31:32,920
there's a lot of good things
happening specifically on a

674
00:31:32,920 --> 00:31:34,520
metallurgical front there as
well.

675
00:31:34,520 --> 00:31:36,200
So.
I reckon they're a lot like odds

676
00:31:36,200 --> 00:31:39,080
on favorite for, you know, first
to bring in the Albion process

677
00:31:39,080 --> 00:31:40,680
to Australia.
Yeah, yeah.

678
00:31:41,080 --> 00:31:42,720
A lot of work happening on that,
on that front.

679
00:31:42,800 --> 00:31:45,920
Yeah, yeah, absolutely, mate.
Let's go to Africa.

680
00:31:46,240 --> 00:31:48,160
Yeah, I thought Toraco was was
super interesting.

681
00:31:48,160 --> 00:31:50,560
I'm kind of kicking myself that
I haven't done a bunch of work

682
00:31:50,560 --> 00:31:52,920
on this earlier, to be to be
honest, because it's already

683
00:31:52,920 --> 00:31:55,560
very expensive stock.
But but this is going to be a

684
00:31:55,560 --> 00:31:58,920
prime acquisition target.
Like, I mean, they're proven,

685
00:31:58,920 --> 00:32:01,600
proven up by FEMA.
They only acquired this 18

686
00:32:01,600 --> 00:32:06,000
months ago and in that time it's
gone from zero to 3.6 million

687
00:32:06,000 --> 00:32:07,880
oz.
It's kind of remarkable in Cote

688
00:32:07,880 --> 00:32:11,760
d'Ivoire, like Cote d'Ivoire is
an attractive jurisdiction and

689
00:32:11,760 --> 00:32:13,280
you can also just sit
comfortably knowing that you

690
00:32:13,280 --> 00:32:14,560
know management will.
Will.

691
00:32:15,120 --> 00:32:17,840
Well, of course, accept bids to
maximize shareholder value.

692
00:32:18,360 --> 00:32:21,880
Like they've, yeah, they've sold
companies before to, to

693
00:32:21,880 --> 00:32:23,320
prospective acquirers in that
region.

694
00:32:23,320 --> 00:32:25,240
It's part of the world where you
do get bids.

695
00:32:25,240 --> 00:32:29,320
So yeah, I just, I just think
that's it's been a remarkable

696
00:32:29,520 --> 00:32:32,000
value creation story in a very
short period of time and just

697
00:32:32,000 --> 00:32:35,200
just disappointing myself for
for never really doing the work.

698
00:32:35,360 --> 00:32:38,880
Yeah, it's been a big winner.
Next up, I want to talk about

699
00:32:38,880 --> 00:32:42,040
Jupiter.
So Ding Ding Ding on your part.

700
00:32:42,040 --> 00:32:43,440
I I believe I.
Still own?

701
00:32:43,520 --> 00:32:44,680
Yeah, I still own shares.
Yep, Yep.

702
00:32:44,760 --> 00:32:48,640
So Jupiter's interesting and I
think, you know, by and large,

703
00:32:48,640 --> 00:32:51,360
people don't care about mining
at all, people.

704
00:32:51,360 --> 00:32:53,920
Mining in general.
Mining, Yeah, yeah, it's a very

705
00:32:53,920 --> 00:32:55,120
small part of the investment
world.

706
00:32:55,120 --> 00:32:59,080
I think manganese mining is an
even smaller subset of that.

707
00:32:59,080 --> 00:33:01,000
It's maybe like 110th, maybe
less, yeah.

708
00:33:01,200 --> 00:33:07,360
And that manganese mining in
South Africa, granted it's a big

709
00:33:07,360 --> 00:33:09,600
portion of the market, is an
even smaller subset.

710
00:33:09,600 --> 00:33:12,840
So there are limited numbers and
investors that this kind of

711
00:33:13,200 --> 00:33:14,760
appeals to.
I know Rusty mentioned it the

712
00:33:14,760 --> 00:33:17,520
other week and we've obviously
spoken about Jupiter a fair few

713
00:33:17,520 --> 00:33:20,240
times over the past 12 to 18
months, but.

714
00:33:21,200 --> 00:33:23,200
I bought those shares in
expectation of the the great

715
00:33:23,200 --> 00:33:26,080
manganese, you know, supply
squeeze which unfortunately did

716
00:33:26,080 --> 00:33:27,640
not eventuate.
I learned a lot about manganese

717
00:33:27,640 --> 00:33:29,880
though in the process of that.
Especially learn how responsive

718
00:33:29,880 --> 00:33:32,520
supply can be.
It did well for a while, so

719
00:33:33,000 --> 00:33:35,320
don't completely knock it, but I
think I think this is a really

720
00:33:35,320 --> 00:33:39,720
interesting place for
consolidation because where they

721
00:33:39,720 --> 00:33:42,960
are in the sort of Kalahari
belt, in the kind of

722
00:33:42,960 --> 00:33:46,040
northwestish of South Africa,
there's a large portion of the

723
00:33:46,040 --> 00:33:47,880
world's manganese comes out
there.

724
00:33:47,880 --> 00:33:52,240
And this slide, this sort of
picture they show here, and this

725
00:33:52,240 --> 00:33:55,480
sort of snippet from the
presentation captures it really,

726
00:33:55,480 --> 00:33:58,840
really well.
In that photo, you have 5 of the

727
00:33:58,840 --> 00:34:03,160
top 10 producing assets in the
world today and all of the top

728
00:34:03,440 --> 00:34:06,800
remaining mine lives of already
producing assets today in that

729
00:34:06,800 --> 00:34:09,600
photo.
Obviously when you have that

730
00:34:09,600 --> 00:34:13,120
situation, there is an
opportunity to combine ownership

731
00:34:13,800 --> 00:34:17,320
and Dr. consolidation value.
Everyone who's familiar with

732
00:34:17,320 --> 00:34:21,120
this situation can see that it's
been challenging for various

733
00:34:21,120 --> 00:34:23,760
reasons, but that is part of
Jupiter's strategy.

734
00:34:24,159 --> 00:34:27,280
We think there's material value
available from executing on that

735
00:34:27,280 --> 00:34:27,960
strategy.
What?

736
00:34:28,199 --> 00:34:30,639
Do you think, Matt?
It's I think it's like the the

737
00:34:30,639 --> 00:34:33,440
rationale is, is sound, you
know, all the Domino's gonna

738
00:34:33,440 --> 00:34:36,800
have to come together and yeah,
unfortunately it's like the, you

739
00:34:36,800 --> 00:34:39,639
know, the, the, the smallest
piece of that, that whole

740
00:34:39,639 --> 00:34:41,440
puzzle.
You know, you don't you're

741
00:34:41,440 --> 00:34:44,880
offering the the mercy of of
other people's timelines and

742
00:34:44,880 --> 00:34:46,120
things blowing out and
everything like that.

743
00:34:46,120 --> 00:34:48,760
And I know that the recent
transaction with with Exaro not

744
00:34:48,760 --> 00:34:50,639
only becoming, you know,
Jupiter's largest shareholder,

745
00:34:50,639 --> 00:34:55,120
but also buying the JV partner
at Chippy, it reignites

746
00:34:55,480 --> 00:34:57,560
speculation and about what could
happen there.

747
00:34:57,840 --> 00:35:01,400
And in the case of Exaria, like
they've been talking about

748
00:35:02,360 --> 00:35:05,600
buying a manganese asset for a
long time and they made them

749
00:35:05,720 --> 00:35:10,880
move on the JV partner.
You know, there's, I think what

750
00:35:10,880 --> 00:35:13,040
the, the MD there is, I'm
alluding to is the, the

751
00:35:13,440 --> 00:35:16,480
potential for Jupiter be next,
which I think there's, there's

752
00:35:16,480 --> 00:35:18,040
good merit to that.
It's just trying to predict the

753
00:35:18,040 --> 00:35:20,160
timing of that is, is an
uncertain thing.

754
00:35:20,160 --> 00:35:22,520
But as a shareholder like I
don't, I don't mind waiting that

755
00:35:22,520 --> 00:35:25,080
out because they they pay a
healthy dividend along the way.

756
00:35:25,440 --> 00:35:28,200
Yeah, I, I think you've sort of
knuckled down the investment

757
00:35:28,200 --> 00:35:31,040
case right, right there.
Whenever you see sort of pit

758
00:35:31,040 --> 00:35:34,920
walls like we saw there that
sort of stand between two open

759
00:35:34,920 --> 00:35:37,520
pits, you think, God, that's
stupid.

760
00:35:37,520 --> 00:35:40,320
And there's some synergies there
just to to knock that down.

761
00:35:40,320 --> 00:35:42,200
But yeah, interesting.
Later in the presentation, they

762
00:35:42,360 --> 00:35:46,000
they spoke about perhaps being a
vehicle with Exaro to go on

763
00:35:46,280 --> 00:35:49,000
gobble up other things as well.
So let's see what kind of

764
00:35:49,000 --> 00:35:50,760
happens here.
I think being sort of paid to

765
00:35:50,760 --> 00:35:53,640
wait, like you, you touched on
there isn't the world worst

766
00:35:53,640 --> 00:35:55,000
thing in the world.
I thought, I thought be useful

767
00:35:55,000 --> 00:35:57,440
to wrap it up with just.
It was one of the key things

768
00:35:57,440 --> 00:36:01,160
that I, yeah, observed kind of,
you know, playing playing a

769
00:36:01,160 --> 00:36:03,040
bunch of these presentations to
dump to X speed.

770
00:36:03,840 --> 00:36:07,840
I just thought 11 inescapable
theme was meal expansions.

771
00:36:07,840 --> 00:36:11,040
I don't know if you picked up on
this, but my God, is there a

772
00:36:11,040 --> 00:36:14,520
massive theme of meal expansions
at the moment right now, like be

773
00:36:14,520 --> 00:36:18,800
it or a band I like in Luke
Grace speech, he's talking about

774
00:36:18,840 --> 00:36:20,800
the the fact that they're
actually million constrained

775
00:36:20,800 --> 00:36:23,440
right now.
They're doing a study to expand

776
00:36:23,440 --> 00:36:25,200
their meal to 3,000,000 tonnes
per annum.

777
00:36:26,160 --> 00:36:28,800
I even remember like earlier in
the year, there were, there were

778
00:36:28,880 --> 00:36:31,920
rumours that like you know, or a
band about even consider a

779
00:36:31,920 --> 00:36:34,680
second meal in a different part
of their, their tenement

780
00:36:34,680 --> 00:36:37,280
package.
But there was this quote from

781
00:36:37,280 --> 00:36:40,320
from Luke Craig and he
effectively said, you know, you

782
00:36:40,320 --> 00:36:42,440
can increase your throughput,
your throughput without actually

783
00:36:42,440 --> 00:36:45,040
adding operating costs.
You kind of just adding mining

784
00:36:45,040 --> 00:36:47,400
costs and haulage costs because
you're benefiting from economies

785
00:36:47,400 --> 00:36:49,800
of scale.
The theme is so pronounced at

786
00:36:49,800 --> 00:36:53,240
the moment, especially with
these elevated gold prices, at a

787
00:36:53,240 --> 00:36:57,200
time where construction costs
have somewhat moderated from an

788
00:36:57,200 --> 00:36:59,400
inflation perspective.
Just look at the GI engineering

789
00:36:59,400 --> 00:37:01,560
share price mate.
You've taken the words out of my

790
00:37:03,200 --> 00:37:07,520
out of my script or a band.
They're not the only ones they

791
00:37:09,000 --> 00:37:12,720
look at Vault, right?
So they were an earlier early

792
00:37:12,720 --> 00:37:14,640
mover on the whole mill
expansion theme.

793
00:37:14,640 --> 00:37:17,640
And and yeah, I mean, like King
of the Hills, it's already

794
00:37:17,640 --> 00:37:20,040
expanding on its way to seven
and a half million tons per

795
00:37:20,040 --> 00:37:22,480
hour, which is an enormous size
plan.

796
00:37:23,160 --> 00:37:26,080
You could put evolution in the
same category as being a bit of

797
00:37:26,080 --> 00:37:28,480
an early move.
I mean, when Garry's expansion

798
00:37:28,480 --> 00:37:31,520
has actually already happened
and not having an expanded

799
00:37:31,520 --> 00:37:34,720
profile allows them to to to
bring online and all body, which

800
00:37:34,720 --> 00:37:37,000
is I think, you know, it's got a
whole like 25 kilometres to get

801
00:37:37,000 --> 00:37:39,640
to the mill itself.
And yeah, kind of have low

802
00:37:39,640 --> 00:37:41,320
enough cost to to warrant the
whole thing.

803
00:37:41,320 --> 00:37:42,880
But in this gold price
environment, happy days.

804
00:37:44,440 --> 00:37:47,040
Then throw like West Gold's
expanding Higginsville,

805
00:37:47,040 --> 00:37:50,120
Capricorn's expanding Karla
window, you know, also Capricorn

806
00:37:50,120 --> 00:37:54,080
acquired wired are and there's
some commentary in the market

807
00:37:54,080 --> 00:37:56,200
about a, you know, potential
duked in like scenario where you

808
00:37:56,200 --> 00:37:58,440
have two meals in that in that
area.

809
00:37:58,440 --> 00:38:01,360
So that that that means that
another meal's going to be

810
00:38:01,360 --> 00:38:05,160
refurbed or, or built around
that area to to warrant that

811
00:38:06,640 --> 00:38:08,440
genesis.
Like look at what they're doing

812
00:38:08,800 --> 00:38:12,440
at both BNR and Laverton.
In fact, the the the front page

813
00:38:12,440 --> 00:38:16,600
of the Genesis like deck at digs
and dealers is long or that is

814
00:38:16,600 --> 00:38:18,560
like how they're framing the
presentation.

815
00:38:18,640 --> 00:38:19,720
Jumped at it.
Yeah, right it.

816
00:38:19,840 --> 00:38:23,040
Does and the flip side of long
or is well, you're short milling

817
00:38:23,040 --> 00:38:26,760
capacity.
Oh, now it's got to be cynical,

818
00:38:26,760 --> 00:38:28,480
man.
Well, I'm just, you know, like

819
00:38:28,480 --> 00:38:30,600
if you're long or yet like, you
know, yeah.

820
00:38:30,800 --> 00:38:33,360
Anyway, it's, it's it's why
they're a growth story as well,

821
00:38:33,360 --> 00:38:36,120
because they're long or they're
going to expand capacity and

822
00:38:36,120 --> 00:38:39,240
they're going to expand capacity
of both Leonora and Laverton,

823
00:38:39,240 --> 00:38:41,880
right.
So right now they have 4.4

824
00:38:41,880 --> 00:38:46,160
million tonnes per annum in
milling capacity, 1.4 of that is

825
00:38:46,360 --> 00:38:50,760
Gwalia and, and 3,000,000 tonnes
per annum is, is thanks to, is

826
00:38:50,760 --> 00:38:52,480
it Labourton, thanks to the
restart of the day scene

827
00:38:52,480 --> 00:38:55,080
operation there.
Now, when Tower Hill comes into

828
00:38:55,080 --> 00:38:57,720
the mix and they they've kept
the, the, the guided timelines

829
00:38:57,840 --> 00:38:59,640
for Tower Hill, they say that,
you know, that's kind of all

830
00:38:59,640 --> 00:39:02,440
those work streams.
You want to plan that.

831
00:39:02,640 --> 00:39:05,800
I think, you know, you're going
to expand your, your, your meal

832
00:39:05,880 --> 00:39:07,840
to, to warrant the extra feed
that you're able to feed it.

833
00:39:07,840 --> 00:39:12,640
Now, you know, I'm believing the
people in the market that are

834
00:39:12,640 --> 00:39:15,720
saying that that could in two
stages get up to 3.5 million

835
00:39:15,720 --> 00:39:17,080
tons per annum.
And that's a pretty substantial

836
00:39:17,080 --> 00:39:19,920
increase in that meal.
You know, if they obviously

837
00:39:19,920 --> 00:39:23,240
don't do a deal with Volk in the
interim Genesis, they're also,

838
00:39:24,400 --> 00:39:28,840
yeah, doing while embarking on
an expansion of Laverton mill as

839
00:39:28,840 --> 00:39:30,320
well.
And that the ability to do that

840
00:39:30,320 --> 00:39:32,520
kind of comes out of the fact
that they've now acquired Focus.

841
00:39:32,520 --> 00:39:36,000
So a bunch of work has to go
into the focus assets, but

842
00:39:36,000 --> 00:39:38,560
there's there's a lot more feed
that can actually warrant, you

843
00:39:38,560 --> 00:39:41,840
know, lower processing costs and
and, you know, better, you know,

844
00:39:41,840 --> 00:39:45,360
better economies of scale as a
result of the the consolidation

845
00:39:45,360 --> 00:39:48,240
of the the Laverton land package
there and the whole.

846
00:39:48,240 --> 00:39:52,280
So I think, I think, I think
that mill in labor could go from

847
00:39:52,480 --> 00:39:56,840
3 to 3 1/2, maybe even even 4IN
time, like let's see what

848
00:39:56,840 --> 00:40:00,120
happens, the rationale.
All in economies of scale game,

849
00:40:00,360 --> 00:40:01,240
right?
Totally.

850
00:40:01,240 --> 00:40:05,120
All those costs down.
And I feel like that, that the

851
00:40:05,120 --> 00:40:07,760
rationale to do it is, is so
clearly articulated in this

852
00:40:08,000 --> 00:40:10,960
chart that which I love inside
the one of the Vulk

853
00:40:10,960 --> 00:40:12,960
presentations.
And they, they basically just

854
00:40:13,040 --> 00:40:16,120
chart up the, the processing
costs of, of all of the

855
00:40:16,120 --> 00:40:21,160
different, you know, gold, WA
gold operations and, and on the,

856
00:40:21,360 --> 00:40:23,280
the, the X axis, you've got the
throughput right.

857
00:40:23,280 --> 00:40:26,320
And you know, obviously trends
down and to the right.

858
00:40:26,320 --> 00:40:28,760
So, you know, the larger you
meal, the lower your processing

859
00:40:28,760 --> 00:40:30,040
cost because of economies of
scale.

860
00:40:30,600 --> 00:40:33,440
In addition to, to everything
I've talked about, like there's,

861
00:40:33,920 --> 00:40:36,880
there's other new builds on the
on the radar, like, you know, we

862
00:40:36,880 --> 00:40:38,720
talked about all, all refurbs.
We talked about medallion

863
00:40:38,720 --> 00:40:42,920
earlier, like, you know, think
of Capricorn, Matt Gibson, in

864
00:40:42,920 --> 00:40:44,960
addition to the other stuff
Capricorn is doing Emerald, the

865
00:40:44,960 --> 00:40:48,040
bull's eye, eventually the grey
eventually like Norman starts

866
00:40:48,040 --> 00:40:51,560
KCGM expansion is like got one
more year left and that'll start

867
00:40:51,560 --> 00:40:53,360
commissioning on its way to
27,000,000 tons per annum.

868
00:40:54,480 --> 00:40:56,240
So look, there's a, there's a
lot happening in the mill

869
00:40:56,320 --> 00:40:59,760
expansion like space.
And yeah, I, I think to your

870
00:40:59,760 --> 00:41:03,240
point earlier made, it's no
wonder the GR engineering share

871
00:41:03,240 --> 00:41:05,760
price is $4.00 for the first
time in in history.

872
00:41:05,760 --> 00:41:09,040
So yeah, it's pretty remarkable.
It's good for Geo engineering.

873
00:41:09,400 --> 00:41:11,160
Probably should do a for that
one, but.

874
00:41:11,680 --> 00:41:14,880
Crazy, yeah, makes you kind of
think about the picks and

875
00:41:14,880 --> 00:41:19,360
troubles way of playing the
mining cycle, the particularly

876
00:41:19,400 --> 00:41:23,560
the gold price environment and
company that makes gold pints is

877
00:41:24,000 --> 00:41:25,760
in obvious way.
But there's a few other sort of,

878
00:41:27,040 --> 00:41:30,080
you know, in the weeds ways of
of playing that that kind of

879
00:41:30,080 --> 00:41:31,720
strategy.
And it's great for those

880
00:41:31,720 --> 00:41:34,000
businesses around it that are
that are doing well and

881
00:41:34,320 --> 00:41:37,000
hopefully setting them up for
themselves up for a long time to

882
00:41:37,000 --> 00:41:40,840
come with this, this sort of
boom in in gold.

883
00:41:41,200 --> 00:41:42,760
Yeah.
And bucking the trend So

884
00:41:42,760 --> 00:41:44,680
interestingly, like all of these
stories of all these gold

885
00:41:44,680 --> 00:41:47,360
companies, it's all we're long
or we're gonna expand throughput

886
00:41:47,360 --> 00:41:50,120
and we're a growth story.
Again, interestingly, bucking

887
00:41:50,120 --> 00:41:53,680
the trend, and I do respect it,
is is Paul Smerley for Pantoro.

888
00:41:54,400 --> 00:41:56,760
The processing plant as we're
operating, I think it's really

889
00:41:56,760 --> 00:41:59,440
important for people to
understand, I get all the time,

890
00:41:59,440 --> 00:42:03,640
why don't you just make the
plant a whole lot bigger and and

891
00:42:03,640 --> 00:42:05,200
throw a whole lot more material
through.

892
00:42:06,280 --> 00:42:09,360
The real value at Norseman is in
the in the very high grade

893
00:42:09,360 --> 00:42:12,680
material and we see much bigger
margins from those high grade

894
00:42:12,680 --> 00:42:14,560
undergrounds.
And so hopefully you can see

895
00:42:14,560 --> 00:42:17,640
those tables and what the grade
does in that plant.

896
00:42:17,920 --> 00:42:21,080
We see it as being a very real
opportunity to add two

897
00:42:21,080 --> 00:42:23,840
additional underground mines
over the next couple of years,

898
00:42:24,520 --> 00:42:27,120
bring that feed grade up from
the circuit, 3 grams that it is

899
00:42:27,120 --> 00:42:29,920
now to somewhere between 5:00
and 7:00 grams a ton.

900
00:42:30,600 --> 00:42:32,240
Isn't that interesting?
It's different perspective and

901
00:42:32,240 --> 00:42:34,800
they're in a different position
because they're, you know,

902
00:42:34,880 --> 00:42:38,040
they've got high grade
underground potential.

903
00:42:38,080 --> 00:42:39,320
It's going to take a bit of time
to get it.

904
00:42:39,320 --> 00:42:42,680
But once you can get more tons
from your high grade underground

905
00:42:42,880 --> 00:42:47,280
into your mill, which is I think
it's only a little bit north of

906
00:42:47,360 --> 00:42:50,480
1,000,000 ton gram processing
plant, there might be up to 1.5.

907
00:42:50,480 --> 00:42:51,880
I have to double check my
numbers.

908
00:42:51,880 --> 00:42:54,840
But yeah, there's no interest in
actually expanding that, just

909
00:42:54,840 --> 00:42:57,920
putting more or you know, lower
grade material through through

910
00:42:57,920 --> 00:42:59,440
it.
It's all about just how do we

911
00:42:59,440 --> 00:43:02,440
get more of the high grade
underground mines online so that

912
00:43:02,960 --> 00:43:05,160
we we maximize the grade going
through the mill in the first

913
00:43:05,160 --> 00:43:07,080
place.
And those strong margins and

914
00:43:07,080 --> 00:43:10,680
cash flows, enforcing them and
the good time is, is what will

915
00:43:10,920 --> 00:43:13,920
support you as a business when
times are invariably not so

916
00:43:13,920 --> 00:43:15,840
good.
Yeah, that's going to now.

917
00:43:15,840 --> 00:43:17,560
That's going to be an
interesting time when times are

918
00:43:17,560 --> 00:43:19,480
not as good as they are right
now in the gold market because

919
00:43:19,920 --> 00:43:23,720
everyone's recut their reserves
at these, you know, like 4000

920
00:43:23,720 --> 00:43:26,960
Australian Gold Prize.
Like like, yeah, not not

921
00:43:26,960 --> 00:43:28,240
everyone.
But the new normal mate, don't

922
00:43:28,240 --> 00:43:30,720
worry about it.
It's a remarkable, remarkable

923
00:43:30,720 --> 00:43:34,040
thing that yeah, we'll see how
that unfolds over time.

924
00:43:34,280 --> 00:43:37,080
Fantastic mate, I hope all the
money miners enjoyed the the

925
00:43:37,080 --> 00:43:39,720
Digger's wrap and a massive
thank you to our partners Sandy

926
00:43:39,720 --> 00:43:41,960
Graham Support and Cross
Boundary Energy, Ooderu Ooderu.

927
00:43:43,440 --> 00:43:46,240
Now remember, I'm an idiot.
JD is an idiot.

928
00:43:46,600 --> 00:43:48,680
If you thought any of this was
anything other than

929
00:43:48,680 --> 00:43:51,400
entertainment, you're an idiot
and you need to read out a

930
00:43:51,400 --> 00:43:51,840
disclaimer.